#数字资产市场洞察 The US employment report has caused a "rollercoaster" — what exactly happened?

The November non-farm payrolls added 64,000 jobs, which sounds pretty good, but then it was immediately slapped with the October data revision down to -105,000. The unemployment rate surged to 4.6%, the highest since 2021. Even more painful is that wage growth has fallen to a four-year low. On the surface, the numbers might seem manageable, but internally, the situation is already rotten.

Why can gold stay steady at $4,300? Don’t rush to conclusions. Powell recently stated bluntly: the non-farm data has been systematically overestimated; the actual employment situation might be a monthly decline of 20,000. This statement directly pressures the Federal Reserve to continue easing. After three consecutive rate cuts, the market now bets that there will be two more by 2026, causing the dollar to fall below the 98 mark, and gold has been pushed up accordingly.

On the international level? The People's Bank of China has been increasing its holdings for 13 consecutive months, and there are no signs of the global central banks slowing down their gold-buying frenzy. Citi and Goldman Sachs are both pointing toward a target: $5,000.

In the short term, resistance might be encountered at $4,350, leading to volatility. But in the long run, with continued employment weakness, stable easing expectations, and ongoing geopolitical risks, these three forces combine to support an upward logic with no flaws. $4,300 is not the end, but a starting point for acceleration. This wave of market movement is far from over.